The Importance of Business Insurance
Regardless of the size and industry type, all businesses will deal with risk on a daily basis. Business insurance is there to help you manage these risks and keep the costs of any unexpected risk or accidents to a minimum. Examples include theft, fire, accidental damage and equipment breakdown to name a few. Those that choose not to take out business insurance risk losing their business should the worst happen.
Business insurance is made up of a group of insurance coverages that are in place to protect the business against work related risks and lawsuits. Within the Aesthetic Industry, the following insurances need to be considered:
– Public Liability Insurance
– Employers Liability Insurance
– Professional Indemnity Insurance
– Medical Malpractice Insurance
Public Liability Insurance:
As a business owner, you can be liable for all kinds of accidents to either the property or a member of the public. Public Liability Insurance is there to protect your business against any costs of defending or settling claims for property damage of bodily injuries to a member of the public, including trips, falls and slips. This type of insurance is for businesses who have customers visit their premises or if they visit customers in their own homes and for those that employ members of staff.
Employers Liability Insurance
Your employees are one of your greatest investments, and as an employer you have an obligation to provide safe working conditions for them to work in. Employers Liability Insurance is there to protect your business against any employee claim, whether that is a bodily injury or Illness caused by the work your employees do for you.
Who needs Employers Liability Insurance?
In order to safeguard all employees in the UK, it’s a legal requirement* for most businesses with employees to have at least £5 million of cover in place. If you’re self-employed, liability insurance will also, in most cases, be a legal requirement if you employ one or more people.
Professional Indemnity Insurance
Also know and ‘PI’ insurance, this can help to protect your business if there is a claim made against the work that you have done for a client. PI will offer you cover if you need to pay compensation to correct a mistake, and cover your legal costs if you are settling a claim including; negligence, infringement of property rights and breach of confidence.
Medical Malpractice Insurance
This Insurance is designed for anyone working within the healthcare industry, and provides public liability and professional indemnity cover to safeguard claims of negligence and medical malpractice. This cover will cover you for legal costs of defending action as well as bodily and mental injury and illness cover.
Insurance Providers
Here at Cosmetic Courses, we work with a number of insurance companies who will be more than happy for you to contact them if you’re looking at, or have decided to have a career within the aesthetic industry. The medical professionals that we train will already be aware of the necessary insurances that will be needed to ensure they are covered, but will incur extra charges when mentioning that they wish to start in the aesthetic industry. Here is a little more information on the insurances companies that will be more than happy to discuss your needs:
HPPB: 
Cosmetic Courses are proud to partner with Healthcare Professional Protect (HPPB) to offer our delegates comprehensive packages of support and insurance for aesthetic treatments. Giving you protection and support at a fixed price.
Once you have completed your training it is time to obtain your insurance. HPPB have teamed up with an underwriter at Lloyds of London to offer competitive fixed price insurance based on the treatments you perform. You can apply through their online application process by clicking here.
As a member of the Healthcare Professional Protection family you will have access to 24/7 advice and support from peers and their specialist claims handlers with decades of experience in protecting healthcare professionals.
HPPB are specialists in supporting practitioners through every sort of complaint or claim if things go wrong.
They believe that you should not be harried by complaints of dissatisfaction which are more related to a desire to reduce costs. HPPB care about all aspect of the cost of complaints and claims.
Website: www.hppb.co.uk/healthcare-professional-protection
If you would like to find out more about how you can get in contact with any of the above insurance companies, or you would like to discuss anything mentioned with any of our team, please call 01844 390110 or email [email protected]
